S INERAL PRODUCT EPORTING ATE Impex Ferro … grades of ferro alloy metals like Silicon Manganese,...

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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory STAKEHOLDERS EMPOWERMENT SERVICES 1 | P AGE SECTOR: MINING & MINERAL PRODUCT REPORTING DATE: 14 TH AUGUST 2017 IMPEX FERRO TECH LTD. www.impexferrotech.com Impex Ferro Tech Ltd. NSE Code - IMPEXFERRO TABLE 1 - MARKET DATA (STANDALONE) (AS ON 6 TH AUGUST 2017) Sector - Mining & Mineral products NSE Market Price (`) 1.15 NSE Market Cap. (₹ Cr.) 10.55 Face Value (`) 10.00 Equity (` Cr.) 87.93 Business Group – Impex Group 52 week High/Low (₹) 2.5/1 Net worth (₹ Cr.)* -11.87 Year of Incorporation - 1995 TTM P/E (TTM) N.A. Traded Volume (Shares) 4,558 TTM P/BV N.A. Traded Volume (lacs) 0.05 Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable | * As on 30 th September, 2016 35 Chittaranjan Avenue, COMPANY BACKGROUND 4th Floor, Kolkata, Impex Ferro Tech Ltd is a part of Impex Group of Companies. The company manufactures manganese based alloys i.e. Ferro Manganese and Silica Manganese. The company is operating the Ferro Alloy Plant comprising of 5 submerged Arc furnaces of 3.6 MVA, 5 MVA, 7.5 MVA, 8.25 MVA and 7.5 MVA at Burdwan in West Bengal. The company has been awarded ISO 9001: 2000 certification for manufacture and supply of different types and grades of ferro alloy metals like Silicon Manganese, Ferro Manganese and ferro chrome. Impex Ferro Tech Ltd was incorporated in the year 1995. The company was established with intention of manufacturing Silico Manganese and Ferro Manganese. The company has been promoted by Vimal Kumar Patni, Suresh Kumar Patni and Virendra Kumar Jain. West Bengal - 700012 Company Website: www.impexferrotech.com Revenue and Profit Performance The revenue of the Company decreased from ₹72.26 crores to ₹27.66 crores from quarter ending Sep’15 to quarter ending Sep’16. The Company made a loss of ₹2.34 crores in quarter ending Sep’16 vis-a-vis making a loss of ₹14.05 crores in quarter ending Sep’15. Source - Money Control Performance vis-à-vis Market TABLE 2- Returns 1-m 3-m 6-m 12-m Impex Ferro Tech Ltd 4.55% -39.13% -51.06% 9.52% Nifty 2.93% 6.53% 14.37% 17.05% Nifty Metal 6.75% 12.84% 8.64% 35.03% Source – Capitaline / NSE 27.66 39 72.26 -2.34 -30.33 -14.05 -50 0 50 100 Sep'16 Mar'16 Sep'15 Quarterly revenue and Profit (₹ CRORE) Revenue Profit - 0.50 1.00 1.50 2.00 2.50 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Impex Ferro Tech Ltd NIFTY NIFTY METAL

Transcript of S INERAL PRODUCT EPORTING ATE Impex Ferro … grades of ferro alloy metals like Silicon Manganese,...

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: MINING & MINERAL PRODUCT REPORTING DATE: 14THAUGUST 2017

IMPEX FERRO TECH LTD. www.impexferrotech.com

Impex Ferro Tech Ltd. NSE Code - IMPEXFERRO TABLE 1 - MARKET DATA (STANDALONE) (AS ON 6TH AUGUST 2017)

Sector - Mining & Mineral products NSE Market Price (`) 1.15 NSE Market Cap. (₹ Cr.) 10.55

Face Value (`) 10.00 Equity (` Cr.) 87.93

Business Group – Impex Group 52 week High/Low (₹) 2.5/1 Net worth (₹ Cr.)* -11.87

Year of Incorporation - 1995 TTM P/E (TTM) N.A. Traded Volume (Shares) 4,558

TTM P/BV N.A. Traded Volume (lacs) 0.05

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable | * As on 30th September, 2016

35 Chittaranjan Avenue, COMPANY BACKGROUND

4th Floor, Kolkata, Impex Ferro Tech Ltd is a part of Impex Group of Companies. The company manufactures

manganese based alloys i.e. Ferro Manganese and Silica Manganese. The company is

operating the Ferro Alloy Plant comprising of 5 submerged Arc furnaces of 3.6 MVA, 5

MVA, 7.5 MVA, 8.25 MVA and 7.5 MVA at Burdwan in West Bengal. The company has

been awarded ISO 9001: 2000 certification for manufacture and supply of different types

and grades of ferro alloy metals like Silicon Manganese, Ferro Manganese and ferro

chrome. Impex Ferro Tech Ltd was incorporated in the year 1995. The company was

established with intention of manufacturing Silico Manganese and Ferro Manganese. The

company has been promoted by Vimal Kumar Patni, Suresh Kumar Patni and Virendra

Kumar Jain.

West Bengal - 700012

Company Website:

www.impexferrotech.com

Revenue and Profit Performance

The revenue of the Company decreased from ₹72.26 crores to

₹27.66 crores from quarter ending Sep’15 to quarter ending

Sep’16. The Company made a loss of ₹2.34 crores in quarter

ending Sep’16 vis-a-vis making a loss of ₹14.05 crores in quarter

ending Sep’15.

Source - Money Control

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

Impex Ferro Tech Ltd 4.55% -39.13% -51.06% 9.52%

Nifty 2.93% 6.53% 14.37% 17.05%

Nifty Metal 6.75% 12.84% 8.64% 35.03%

Source – Capitaline / NSE

27.6639

72.26

-2.34 -30.33 -14.05

-50

0

50

100

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

-

0.50

1.00

1.50

2.00

2.50

Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17

Impex Ferro Tech Ltd NIFTY NIFTY METAL

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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change

Sep ’16 vs Mar’16 Mar’16 vs Sep’15

Net Worth -11.87 -0.34 41.29 N.A. -100.82%

Current Assets 355.53 348.33 449.24 2.07% -22.46%

Non-Current Assets 179.49 180.82 184.81 -0.74% -2.16%

Total Assets 535.02 529.15 634.04 1.11% -16.54%

Investments 0.00 0.00 0.00 N.A. N.A.

Finance Cost -7.80 8.51 8.21 -191.66% 3.65%

Long Term Liabilities 218.11 226.51 241.33 -3.71% -6.14%

Current Liabilities 328.79 302.98 351.43 8.52% -13.79%

Turnover 27.49 38.55 71.2 -28.69% -45.86%

Profit After Tax (PAT) -2.34 -30.33 -14.05 N.A. N.A.

EPS (₹) -0.03 -3.64 -1.72 N.A. N.A.

Source - Money Control/ Stock Exchange Filing

Discussion by the Company in quarterly results for the quarter ending 30th September, 2016–

a) The operation of the company is severely impacted by weak steel industry and lack of demand of company’s finished

products. Lower utilisation of capacity and drop in finished goods price realisation has impacted the toplines as well as bottom

line of the company. The Company has incurred loss of ₹2.34 crore for the quarter and ₹12.64 crore for the half year ended 30th

September, 2016. The accumulated loss as on 30th September, 2016 is ₹156.39 crore which is in excess of the entire net worth of

the Company. The Company has made on application to State Bank of India, lead consortium member, regarding revival plan of

the company. With the substantial improvement in raw material availability, likely improvement in market scenario with

notification of Minimum Import Price of steel, it is expected that the overall financial health would improve considerably.

Considering the above developments and favourable impact thereof on the Company’s operations and financials, the company

has prepared the financial results on the basis of Going Concern assumption.

b) Excess depreciation claimed in earlier years amounting to ₹1.11 crore has been adjusted with accumulated Depreciation and

Reserve & Surplus.

c) The lenders have stopped charging interest on debts, since the dues from the company have been categorised as Non-

Performing Asset. The Company is in active discussion/negotiation with its lenders to restructure its debt at a sustainable level.

In view of the above, pending finalization of the restructuring plan, the company has not provided accrued interest in its books

during the quarter and received interest provided in earlier quarters pertaining to the period the account was declared NPA by

the respective lenders. The amount of interest not so provided for the quarter stands at ₹7.91 crore and reversed ₹8.70 crore

for earlier period. The same have consequential impact on the reported figures of this quarter as well as earlier periods.

d) In the opinion of the management, current and non-current asset have value of realisation in the ordinary course of business

at least equal to the amount at which they are stated in the accounts. Certain Balances of the Sundry creditors, sundry debtors,

unsecured loans and advances are subject to confirmations and reconciliation.

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: No Audit Qualifications in last 3 years (viz. FY 2013-14, FY 2014-15 and FY 2015-16).

However, the Statutory Auditors has drawn attention on following matters:

Emphasis of Matter for the financial year of 2015-2016

a) We draw attention on to the Note No. 39 of the statement which indicates that as at 31st March, 2016, the accumulated

losses amounting to ₹144.86 Cr. has substantially eroded net worth of the Company, indicating the existence of a material

uncertainty about the company’s ability to continue as a going concern. These financial results have been prepared on a going

concern basis for the reasons stated in the said note.

b) Pending confirmations of certain secured loans and advances, trade receivables, trade payables and other liabilities as

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referred in Note No. 33 of accompanying statements, are subject to confirmations and reconciliation.

Emphasis of Matter for the financial year 2014-2015

1. We draw attention on to Note No.27 of the financial results, relating to CDR Package. The CDR Package of the company has

been sanctioned vide LOA dated 10th November, 2014. Pursuant to the said LOA, implementation of CDR policy is completed and

the effect thereof has been given in these accounts with respect to the CDR scheme as per the said LOA. The said accounts are

subject to confirmation on and reconciliation with the Lenders. The reported financials would have consequential impact once

the reconciliation is completed, the quantum where of remains unascertained.

2. We draw attention on to the Note No. 39 of the statement which indicates that as at 31st March, 2015, the accumulated

losses amounting to ₹63.49 Cr. has substantially eroded net worth of the Company, indicating the existence of a material

uncertainty about the company’s ability to continue as a going concern. These financial results have been prepared on a going

concern basis for the reasons stated in the said note.

Response Comment

Frequency of Qualifications Not applicable

Have the auditors made any adverse remark in last 3 years? No -

Are the material accounts audited by the Principal Auditors? As per Annual Report for FY 2015-16, the Company

do not have Subsidiary / Associate Company. Do the financial statements include material unaudited financial

statements?

TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 20%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings (%) - 93%

Note: Mr. Ankit Patni resigned from the directorship w.e.f August 22, 2015 and re-appointed as an Additional Director w.e.f

September 30, 2015. Mr. Ramesh Seemakurti resigned from the directorship w.e.f November 14, 2015.

Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 50%

Independent Directors as the Chairman of the Board is a Promoter/Executive Director. The Company has 50% of Independent

Directors and hence, it meets the regulatory requirements.

Board Diversity: As at 31st March, 2016 the Company has 6 directors out of which 1 is Woman Director.

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TABLE 5 - FINANCIAL RATIOS

Ratios Sep’16 Mar’16 Sep’15

% Change

Sep ’16 vs

Mar’16

Mar’16 vs

Sep’15

Turn

ove

r

Rat

ios

Inventory Turnover 0.30 0.47 0.61 -34.91% -22.76%

Debtors Turnover 0.13 0.17 0.25 -28.09% -31.28%

Fixed asset Turnover 0.15 0.21 0.39 -28.16% -44.66%

Current Asset Turnover 0.08 0.11 0.16 -30.13% -30.17%

Ret

urn

Rat

ios Operating Profit Margin -30.52% -52.87% -5.63% N.A. N.A.

Net Profit Margin -8.51% -78.68% -19.73% N.A. N.A.

Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.

Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.

Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 1.08 1.15 1.28 -5.95% -10.06%

Quick Ratio 0.81 0.88 0.94 -8.09% -7.00%

Cash Ratio 0.14 0.15 0.15 -5.46% 1.85%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio N.A. N.A. 8.25 N.A. N.A.

Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.40 0.29 0.23 40.23% 24.38%

Market Cap/ Net Worth N.A. N.A. 0.40 N.A. N.A.

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.

Source - Money Control

TABLE 6 - TRADING VOLUME

Jun-17 Dec-16 Jun-16

% Change

June 17 vs Dec 16 Dec 16 Vs June 16

Trading Volume (shares) (avg. of 1 qtr) 18,732 30,458 42,691 -38.50% -28.65%

Trading Volume (shares) (high in 1 qtr) 81,265 1,34,480 1,85,703 -39.57% -27.58%

Trading Volume (shares) (low in 1 qtr) 92 850 2,019 -89.18% -57.90%

Ratio - High/low trading volume 883.32 158.21 91.98 458.31% 72.01%

Ratio - High/average trading volume 4.34 4.42 4.35 -1.74% 1.50%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun'17 Dec'16 Jun'16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 69.11 69.11 69.11 • No news shares were issued during the period

from June 2016 to June 2017.

• There was no change in the shareholding pattern

during the said period.

• The promoters have pledged / encumbered

100% of their shareholding.

Public - Institutional shareholding

0.00 0.00 0.00

Public - Non-Institutional shareholding

30.89 30.89 30.89

Non-Promoter Non-Public Shareholding

0.00 0.00 0.00

Source - NSE

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MAJOR SHAREHOLDERS (AS ON 30TH JUNE, 2017)

S. No. Promoters Shareholding

1 Suanvi Trading & Invst Co. Pv. Ltd. 17.14%

No major public shareholders.

2 Invesco Finance Pvt. Ltd. 12.36%

3 Poddar Mech Tech Serv Pvt. Ltd. 12.09%

4 Vasupujya Enterprises Pvt. Ltd. 12.05%

5 Astabhuja Properties Pvt. Ltd. 7.20%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last one year.

Preferential issue to promoters 63,35,000 equity shares of face value ₹10 each were issued to Promoter on

preferential basis in Dec’2015.

Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2015-16.

GDRs issued by the Company The Company did not issue any GDRs during FY 2015-16.

Issue of ESOPs / Issue of shares other than

Preferential allotment The Company does not have any ESOP Scheme.

Source - Annual Report 2015-16

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1 Ferro Alloys 100

Source - Annual Report 2015-16

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Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in

the future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced

over a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets

Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover

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Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates

a Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is

calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-

share stock price by the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.

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SECTOR: MINING & MINERAL PRODUCT REPORTING DATE: 14THAUGUST 2017

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𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory

STAKEHOLDERS EMPOWERMENT SERVICES

9 | P A G E

SECTOR: MINING & MINERAL PRODUCT REPORTING DATE: 14THAUGUST 2017

IMPEX FERRO TECH LTD. www.impexferrotech.com

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Research Analyst: Mukesh Solanki